Stablecoins, to put it simply, are a combination of "confidence + bank run psychology", usually used as cash, but when something happens, everyone runs faster than anyone else. The transparency of reserves shouldn't be exaggerated, the most feared are those "have audits but don't show you the details", like holding meetings where only PPTs are shared and the original tables are not shown... I say I understand with my mouth, but my hands are already reducing my positions. Recently, there's been talk about rate cut expectations, the dollar index, and risk assets bouncing along, which looks quite lively, but I'm more concerned about: when the wind shifts, who will be the first to be bankrupted? Anyway, I only dare to hold those whose redemption paths are clearly explained, so I don't wake up in the middle of the night and have to guess "who is actually backing it".